Just months after terminating athrough Minerals Corporation, Brisbane-based enterprise cloud application company PRM Cloud Solutions is angling for an AU$4 million initial public offering (IPO) as it works to leverage business in the North American oil and gas industry.
The company is inviting investors to subscribe for 3.5 million shares at AU$1 each, with an over-subscription of up to a further 500,000 shares, bringing the potential value up to AU$4 million. The subscription offer will be underwritten by KTM Capital.
The move also sees the company changing its name to Enverro in a bid to be more fully aligned with its flagship cloud-based product of the same name.
Enverro, which was developed to help manage workforce mobilisation in the resources sector, is an application designed to manage and mobilise workforce personnel in the oil, gas, mining, and construction industries. It operates on a cloud-based platform provided by Salesforce.com.
The capital-raising effort is expected to help back the expansion of the company's office and operation in Austin, Texas.
The company's CEO Leigh Kelson, who also founded PRM Cloud Solutions in 1996, said the decision to change the name follows the early success of the platform.
"Enverro implementations are under way at multiple large resources enterprises, validating the market need for this solution and solidifying our strategic direction," said Kelson. "It's an exciting time to be in the resources industry. There is an acute market demand for a modern, workforce management solution that supports the complexity of the mobilisation process. We are focused on structuring the company to quickly respond to this opportunity."
Kelson said the PRM Cloud Solutions brand will continue to be associated with custom software development and Salesforce.com implementations.
"That brand and line of business will operate as a subsidiary of Enverro Ltd, and the team will continue to provide the innovative, custom applications and consulting services that our customers have come to expect," he said.
In April, Australian Securities Exchange (ASX)-listed Minerals Corporation got the vote from shareholders to wholly acquire cloud services provider PRM Cloud Solutions, in a reverse-takeover manoeuvre that will allow the cloud provider to be listed on the ASX.
However, early in the September quarter, the deal was terminated by PRM Cloud Solutions when the copper explorer — with interests in Queensland and the Democratic Republic of Congo — did not meet the conditions of the term sheet in July.